WASHINGTON STATE HOUSING FINANCE COMMISSION
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WASHINGTON STATE
HOUSING FINANCE COMMISSION
WORK SESSION MINUTES
April 22, 2021
The April 22, 2021 work session was called to order at 11:00 a.m. by Bill Rumpf
via Zoom and conference call. In attendance were Commissioners Diane Klontz,
Mike Pellicciotti, Lowel Krueger, Wendy Lawrence, Ken Larsen, Pedro
Espinoza, and Alishia Topper.
Lisa DeBrock introduced Betsy Cavanna, Managing Partner of Peak Performance
Resources, who gave an overview of the Peak Performance analysis of seller
servicer approval for homeownership, highlighting the pros and cons, gap
analysis and risks. The presentation was followed by robust discussion.
Lisa Vatske and Bob Cook made a presentation on the Citibank Securitization,
highlighting the background, the structure, benefits of the transaction and the
expected timeline.
Lisa Vatske gave an update regarding the July bond round policy changes and
stakeholder engagement.
The work session was adjourned at 12:00 p.m.
April 22, 2021 1WASHINGTON STATE
HOUSING FINANCE COMMISSION
MINUTES
April 22, 2021
The Commission meeting was called to order by Chair Bill Rumpf at 1:00 p.m.
via Zoom and conference call. Those Commissioners present were Diane Klontz,
Mike Pellicciotti, Lowel Krueger, Wendy Lawrence, Ken Larsen, Pedro
Espinoza, and Alishia Topper.
Approval of the The minutes of the March 25, 2021 special meeting were approved as mailed.
Minutes
Employee Five Years
Recognition
Sarah Bruington
Twenty Years
Carol Johnson
Employee of the First Quarter - Mary Lightle
“This employee is a true asset to the AMC division. She came to us as a
temporary admin employee to work on archiving and other duties. She quickly
proved herself to be a ‘get the job done’ worker and more tasks were assigned to
her, including collecting and performing the initial review of property transfer
documents. When a permanent position as a Commerce Specialist became
available, she became a permanent Commission employee.
She created the AMC online Jotform portal for property transfer submissions.
This portal not only provides a place for owners to submit their documents
electronically, but it helps walk them through the property transfer submission
process, requiring different documents be submitted based on the type of transfer
being requested. Once a submission comes in, she then performs an initial
2 April 22, 2021review of the documents and prepares the Transfer Agreement and Escrow
Instructions for review and approval. This process saves the Portfolio Analysts a
lot of time. We now only have to review everything she has put together for us
in one place and ask Owners for any necessary clarifications.
She applied this same innovation and willingness to take on a new task to
Laserfiche our annual reporting process. It became evident last year that we were
going to have to move to an electronic system to receive and review our annual
report submissions. Once Laserfiche was chosen as the system, she was assigned
the task of designing the collection forms and working with IT to make the
system work for AMC. It was evident at the initial Laserfiche training that she
was the perfect person to take on this task. She understood the concepts Connie
was demonstrating and was excited about tackling what seemed like an
impossible task given the short timeframe to get the work done. She not only
met the task, she excelled at it, managing inputs from multiple individuals and
dealing with the stress brought on by the deadline and the IT challenges that were
beyond her control.
Thanks to her perseverance, we now have a very workable system with multiple
Laserfiche forms; one for the initial report submissions, one for the submission of
report corrections, and the soon to be published form for submitting resident
certification packets connected to an on-site inspection. Next up she is talking
about converting the property transfer process she built in Jotform to Laserfiche
with possible connections to HomeBase.
We are so grateful that Mary is on our AMC Team! Congratulation to Mary
Lightle, Employee of the First Quarter 2021.”
Public Hearing: The Chair opened a public hearing on OID # 21-43A, the Rose Street II, at 1:09
Rose Street II, OID
p.m.
# 21-43A
Claire Petersky, Manager of the Multifamily Housing and Community Facilities
Division, said this public hearing was for the proposed issuance of one or more
series of tax-exempt and taxable revenue notes to finance a portion of the costs
April 22, 2021 3for the acquisition, construction and equipping of a 182-unit multifamily housing
facility located at 7930 Rainier Avenue S. and 8190 Rainier Avenue S., Seattle,
WA 98118, to be owned by Rose 2 LLLP, a Washington limited liability limited
partnership. Proceeds of the notes may also be used to pay a portion of the costs
of issuing the notes. The total estimated note amount is not expected to exceed
$65,000,000. Ms. Petersky introduced Jacob Gelb, Senior Housing Developer at
Bellwether Housing.
Mr. Gelb stated that this project will be restricted to households earning 50% of
area median income (AMI). Twenty percent of the units will be set-aside for
large households, and twenty percent of the units will be set-aside for persons
with disabilities. Bellwether has engaged Empowering Youth and Family
Outreach, a minority owned, Rainier Beach based childcare provider to operate
the childcare space. To combat displacement, Bellwether partnered on this
project with Muslim Housing Services (MHS), a Rainier Beach-based nonprofit.
MHS clients are primarily refugees and second migration immigrant families.
Both will occupy the commercial space along Rainer Avenue. This project plans
to break ground in June 2021 and open May 2023.
There were no other comments from members of the public and the hearing was
closed at 1:14 p.m.
Public Hearing: The Chair opened a public hearing on the recommended allocation of Low-
2021 Allocation of
Income Housing Tax Credits at 1:14 p.m.
Credit for the
Housing Tax Credit
Program
Twin Lakes Landing II
Bob Peterson, Manager of the Multifamily Housing and Community Facilities
Division, introduced Bobby Thompson, Housing Director at Housing Hope.
Me. Thompson stated that Twin Lakes Landing II will be a 60-unit homeless
project in four buildings, each of which will be three stories in height. The
majority of buildings will have five units on each of the three floors. Through
Housing Hopes tailored services program, staff will assess each household and
develop an individual family services plan that outlines the specific long and
4 April 22, 2021short-term goals that will lead to maintaining permanent housing and self-
sufficiency. To meet the Passive House primary energy consumption limits for
the subject design, a small 10kW photovoltaic (PV) solar array has been provided
on each building. Fifty percent of the units will be set-aside for 50% AMI and the
additional 50% will be set-aside for 30% AMI.
DESC (Downtown Emergency Service Center) Greenlake
Mr. Peterson introduced Daniel Malone, Executive Director at DESC. Mr.
Malone stated that this project was conceived with the new Sustainable Living
Innovation (SLI) technology, is in proximity to two existing DESC sites. The
location affords additional efficiencies in clinical staffing to be shared among the
sites. The SLI model of construction leverages best practices from the automotive
and aerospace sectors and could be the next great innovation for Permanent
Supportive Housing (PSH). Having no paint, no drywall, no carpet, no elevator,
no internal corridor, radiant heat and glass walls in this project, DESC proposes
the most expeditious and cost-effective PSH possible in its efforts to mitigate the
homelessness crisis. Fifty percent of the units will be set-aside for 50% AMI and
the additional 50% will be set-aside for 30% AMI.
In response to comments from Mr. Rumpf and Mr. Espinoza, Mr. Malone stated
that construction materials will be made of plastics and metals. These panelized
building will be produced off site but assembled on site.
Stonewood II
Mr. Peterson introduced Beau Baker, Development Manager at Cascade Housing
Affordable Consultants. Mr. Baker stated that this is the second phase of this
project and it will add 42 garden-style units of much needed affordable
farmworker housing. Residents will have access to the amenities of the first
phase, playground, community room with computer lab, job search center etc.) as
well as will be offered an option to take a free English Literacy Class through
USA Learns as coordinated by Resident Services Staff and services by Trillium
Housing Services. Fifty percent of the units will be set-aside for 40% AMI, forty
percent of the units will be set-aside for 50% AMI and the additional 10% will be
set-aside for 30% AMI.
April 22, 2021 5Pasco Haven Mr. Peterson introduced Jonathan Mallahan, Vice President of Catholic Housing Services of Eastern WA. Mr. Mallaham stated this Pasco, WA project will provide 59 units of newly constructed, permanent supportive housing for extremely low-income individuals and one onsite manager unit for a total of 60 units. The project will serve persons who are experiencing extreme poverty, instances of homelessness and those with chronic mental illnesses. Half of the units will be dedicated for individuals exiting homelessness. The project will offer the residents a place to connect with the community by providing access to services available that assist the resident with their illnesses, improve their job skills, increase job opportunities, identify and create plans that improve issues that contribute to chronic poverty. Fifty percent of the units will be set-aside for 50% AMI and the additional 50% will be set-aside for 30% AMI. Warrior Ridge Apartments Mr. Peterson introduced Craig Dougall, Developer, and Kara Horton-Wright, Chairman, at Port Gamble S’Klallam Housing Authority. Mr. Dougall stated that this five-building panel style building will be built off site and assembled on site, this is their second project using this style construction. Ms. Horton-Wright stated the Warrior Ridge Apartments project will consist of 1, 2 and 3- bedroom units and will set aside 15 units at 30% of AMI, 7 units at 40% of AMI and 7 units at 60% of AMI. In addition, 50% of the units will provide permanent housing for the homeless and 50% will be for general occupancy. It is anticipated that the two- and three-bedroom units will serve larger households with children. This project will be the second development on the Warrior Ridge property. This project will be adjacent to a community center, a couple of offices, a fitness center and commercial kitchen to help the community stay healthy, active, and engaged in their community. Additional amenities in the Warrior Ridge Community include a planned playground, ballfields, and greenspace. Mattawa II Mr. Peterson introduced Sergio Garcia, Housing Developer and 6 April 22, 2021
Holly Anderson, Housing Developer at Office of Rural & Farmworker Housing
(ORFH). Mr. Garcia stated that Mattawa is an agricultural town that has recently
seen a shift from row crops to labor-intensive crops such as fruit trees and
vineyards. The 6,000 acres of tree fruit were planted over the span of just three
years. These labor-intensive crops require year-round work resulting in high
demand for farm laborers. This project will be close to schools, a medical
facility and grocery store. Ms. Anderson stated that over 50% of employees in
the local labor market work in agriculture. The need for additional housing is
evident with 33% of its current housing stock experiencing crowding and
overcrowding. The need for housing in Mattawa is also expressed by the nearly
300 families on the waitlist for another multifamily development operated by
Catholic Charities Housing Services (CCHS) in the same jurisdiction.
Eastgate Public Supportive Housing (PSH)
Mr. Peterson introduced Tim Parham, Director of Real Estate at Plymouth
Housing, who stated that Eastgate PSH will be the first permanent supportive
housing development in east King County for single adult individuals exiting
homelessness. This project is 96 units and part of a future 550+ unit campus
consisting of affordable family housing and Congregation for the Homeless
(CFH) shelter for men. The site is well located, within a one-mile walking
distance to transit as well as Factoria Village shopping center. Bellevue College
is a 0.6 mile walk away. The facility will be staffed 24/7, including case
management and an in-house health clinic. The project will serve residents
recovering from trauma, chemical dependency, and mental illness. Project-based
rental assistance will be available for all units.
There were no other comments from members of the public and the hearing was
closed at 1:47 p.m.
Public Hearing: The Chair opened a public hearing on a policy waiver to enable up to 25% in
Policy waiver
forward commitments for the allocation of 2021 9% tax credits, at 1:47 p.m.
needed for the
allocation of the
2021 9% tax credits
Lisa Vatske, Director of the Multifamily Housing and Community Facilities
Division, stated that the current policy allows up to 20% of the next year’s
April 22, 2021 7allocation to be forward committed. The current list of projects being proposed
for 2021 would bring the total forward commitment to closer to 25%. Last year
the Commissioners approved a forward commitment of 30%.
Overall, the Commission received 27 applications requesting $39,017,320 in
credit. Staff is proposing to allocate to 14 projects, totaling $21,178,028, a 52%
application success rate. The current amount we are proposing to allocate is
24.38% over our 2021 allocation. Current policy allows a forward commitment
of 20%. This deeper commitment will better align us with projects funded with
the Housing Trust Fund in our non-metro pool. Staff is being consistent with
what we have done in previous years, moving forward with ready-to-go projects
with state commitment. Staff have brought seven projects to the April
Commission meeting, four from the non-metro pool, two of which are the
additional projects creating the forward commit amount over the current policy.
There were no other comments from members of the public and the hearing was
closed at 1:50 p.m.
Public Hearing: The Chair opened a public hearing on the proposed changes to the 4% Bond\
Changes to the July
Policies for the 2021 round, at 1:50 p.m.
Bond/4% allocation
round
Ms. Vatske reiterated what she mentioned in the work session earlier today,
priority in the July round will go to the following categories of projects, in the
following order of consideration:
• State Housing Trust Fund awardee before 1/1/2021
• Sponsored by a Black/Indigenous organization or owned by a
Black/Indigenous company
• Located outside King County
Projects in this round will also be subject to these changes in the program
policies:
8 April 22, 2021Ms. Vatske read a letter from the City of Kirkland regarding the Grata at Totem
Lake 9% project which did not make this round and is currently on the waiting
list. Staff will work closely with this project to help in their next steps.
Naomi See, representing Low Income Housing Instiutue (LIHI), made a public
comment thanking the Commission for their hardwork and effort on the updates
they have made this policy round.
April 22, 2021 9There were no other comments from members of the public and the hearing was
closed at 1:59 p.m.
Action Item: Ms. Vatske requested approval of the recommended policy waiver to enable
Approval policy
up to 25% in forward commitments for the allocation of the 2021 9% tax
waiver needed for
the allocation of the credits.
2021 9% tax credits
Mr. Larsen moved to approve the request. Mr. Kreuger seconded the motion.
The request was unanimously approved.
Action Item: Ms. Vatske requested approval of the proposed changes for the July bond/4%
Approve changes to
allocation round.
the July Bond/4%
allocation round
Mr. Kreuger moved to approve the request. Ms. Lawrence seconded the motion.
The request was unanimously approved.
Action Item: Lisa Vatske, Director of the Multifamily Housing and Community Facilities
Resolution No. 21-
Division, said this is a resolution authorizing the Executive Director to make
61, a Resolution for
the 2021 Allocation reservations and/or allocations of 2021 Housing Tax Credits to the following
of Credit for the
projects:
Housing Tax Credit
Program
TC # Project Name City County Credit Amount
21-03 Twin Lakes Landing II Marysville Snohomish $1,594,476
21-06 DESC Greenlake Seattle King $2,141,474
21-09 Stonewood II Yakima Yakima $ 820,000
21-13 Pasco Haven Pasco Franklin $1,498,274
21-17 Warrior Ridge Apartments Kingston Kitsap $ 797,200
21-19 Mattawa II Mattawa Grant $1,283,730
21-27 Eastgate PSH Bellevue King $2,141,689
Mr. Larsen moved to approve the resolution. Mr. Espinoza seconded the motion.
The resolution was unanimously approved.
Action Item:
Resolution No. 21-
This item was pulled from the agenda.
62, Hamlin
Robinson School,
OID # 21-49A
10 April 22, 2021Action Item: Ms. Vatske said this is a resolution approving the issuance of one or more series
Resolution No. 21-
of tax-exempt revenue bonds to finance a portion of the costs for the acquisition,
54, Garten Haus
Apartments, OID # rehabilitation, expansion and equipping of a 40-unit multifamily housing facility
21-45A
located at 1300 Commercial Street, Leavenworth, WA 98826, to be owned by
Garten Haus Apartments LLLP, a Washington limited liability limited
partnership. Proceeds of the bonds may also be used to pay a portion of the costs
of issuing the bonds. The total estimated bond amount is not expected to exceed
$8,000,000. The public hearing was held February 25, 2021.
Mr. Krueger moved to approve the resolution. Mr. Larsen seconded the motion.
The resolution was unanimously approved.
Action Item: Ms. Vatske said this is a resolution approving the issuance of one or more series
Resolution No. 21-
of tax-exempt and taxable revenue notes to finance a portion of the costs for the
55, Mirabeau Place
LLC, OID # 19- acquisition, new construction and equipping of a 300-unit multifamily housing
138A
facility located at the Southern Terminus of N. Robie Court, Spokane Valley,
WA 99206, to be owned by Mirabeau Place LLC, Washington limited liability
company. Proceeds of the notes may also be used to pay a portion of the costs of
issuing the notes. The total estimated note amount is not expected to exceed
$46,500,000. The public hearing was held February 25, 2021.
Mr. Larsen moved to approve the resolution. Mr. Krueger seconded the motion.
The resolution was unanimously approved.
Action Item: Citi Ms. Vatske said this is a resolution authorizing the issuance of municipal
Securitization
certificates to provide funds for the Commission’s purchase of a portfolio of
Transaction
existing Citibank-financed Washington State affordable housing tax-exempt
notes in a stated notional amount of not to exceed $600 million.
Mr. Kreuger moved to approve the resolution. Mr. Larsen seconded the motion.
The resolution was unanimously approved.
April 22, 2021 11Action Item: Act Lisa DeBrock, Homeownership Director introduced Dietrich Schmitz, Down
on request to allow
Payment Assistance Program Administrator.
for adjustment of
interest rates on
DPA programs
Mr. Schmitz stated that the Homeownership Division offers various down
payment assistance loans with our Home Advantage and House Key first
mortgages. The interest rates range from 0% to 4%. All second mortgages are
simple-interest, payment deferred loans. The interest rates were determined upon
approval of the Commission with the Program-Related Investment application
submitted for the program at program inception. Fannie Mae Community Second
guidelines require the second mortgage rate to be no higher than 75% of the first
mortgage rate when structured as simple interest and payment deferred. For
example, with our current House Key first mortgage rate at 2.75%, the second
mortgage rate needs to be set no higher than 2.0% to meet Fannie Mae
guidelines. Due to the continued current lower rate environment, borrowers have
been unable to use Fannie Mae financing, which is often more advantageous for
the borrower, with some of our down-payment assistance (DPA) programs,
especially our partnership programs. In some cases that means the Commission is
unable to provide the borrower with any assistance in buying a home.
Mr. Schmitz is requesting permission to allow the Homeownership Division in
coordination with the Finance Division, the flexibility to adjust the down-
payment assistance rates to reflect the interest rate environment in order to meet
Fannie Mae guidelines. Rates in no event would fall below 1%, or exceed the rate
originally approved with the program application. Having flexibility allows us
the ability to continue to offer Fannie Mae financing for homebuyers with no
disruption in service.
Ms. Topper moved to approve the request. Ms. Lawrence seconded the motion.
The request was unanimously approved.
Action Item: Ms. DeBrock stated that the House Key Opportunity program provides lower
approve changes to
income, first-time homebuyers a path to homeownership using our bond issuance
House Key
Opportunity DPA to offer a below-market first mortgage rate. It has a successful history in
Program.
assisting households up to 80% of Area Median Income (AMI) to own their first
12 April 22, 2021home. Staff imposed this AMI limit, significantly below that required by the IRS
for a bond-funded single-family homebuyer program, to ensure this scarce
resource was reserved for lower-income homebuyers. With this program, the
Commission provides up to $10,000 in a House Key Opportunity down payment
assistance loan funded by Program-Related Investment (PRI) funds. The
Commission last approved a PRI application for the program in June 2015.
Since we created these limits, the market has changed and reservations under the
program have slowed considerably. Home prices have been driven up and there
is reduced available inventory, especially for underserved communities and
communities of color. A higher income is now required to qualify for many
starter homes. Also, the $10,000 is DPA loan amount is increasingly insufficient.
Because of the current conditions and the need for the residents of our state, staff
recommend changing the income limit for the House Key Opportunity program
to that required by the IRS. Our initial goal would be to restrict loans to those for
100% AMI and below, but this will give us the latitude to manage the pipeline of
loans in the program by increasing that goal up to the IRS allowable income
limit.
In conjunction with this change, staff recommend raising the maximum down
payment assistance loan amount for loans in this program to $15,000.
Mr. Krueger moved to approve the request to:
• Increase the income limit for the House Key Opportunity program to that
allowable under IRS guidelines, and
• Increase the maximum down payment assistance loan amount for this
program to $15,000.
Ms. Lawrence seconded the motion. The request was unanimously approved.
Informational Ms. Klontz from the Department of Commerce (“Commerce”) gave a report as
Report on
follows:
Department of
Commerce
Activities
Legislative Reports
April 22, 2021 13The following legislative reports are being reviewed and finalized for
submission:
• Assessment of the Housing Needs of American Indians, Alaska Natives,
and Native Hawaiians in Washington State
• Washington Farmworker Housing Needs Assessment
• Manufactured Home Communities Rapid Acquisition Pilot Project
Report
Housing Finance Unit
• Housing Trust Fund received a record number of pre-applications (fka
Stage 1): $394 million in requests lined up for the 2021 and 2022
funding cycles.
• Housing Finance Unit’s (HFU) budget will be determined this weekend
which is likely to be a new record-setting investment. A new provision
for Rapid Capital Acquisition will be the most significant new program
HFU will likely be administering.
• HFU will procure technical assistance and predevelopment consultation
for rural communities for the upcoming biennium.
Housing Assistance Unit
• As of March 2020, the Housing Assistance Unit (HAU) has provided
over $90 million in rent relief and $30 million in COVID-19 response
funds to Tribal governments. Other COVID-19 relief efforts include
funding for shelter expansion and ensuring that individuals experiencing
homelessness are safe during the pandemic.
• The HAU data team has been working overtime to keep up with new
grantees by getting them set up in the federal data reporting system. The
data team also launched a new online learning management system to
offer training to remote workers across Washington.
• HAU is preparing for an expected increase in funding and new programs
from the Legislature to respond to the economic challenges created by
the COVID-19 pandemic, including the end of the eviction moratorium.
Bond Cap Allocation Program
A Bond Cap allocation of $465.46 million was made to the Washington State
Housing Finance Commission on March 18, 2021, for their Multi-Family
Housing Program.
14 April 22, 2021Homeowner Assistance Fund
Our Community Services and Housing Division team has been in conversations
with the Commission's homeownership program experts in preparation for
deploying a new federal assistance program. The Homebuyer Assistance Fund
(HAF), funded by ARPA, is intended to mitigate pandemic-related hardship for
homeowners. HAF will provide funding for mortgage payments, utilities,
insurance costs, and other assistance to prevent homeowners from losing their
homes. In particular, staff are beginning to draft the HAF Plan which is due to
U.S. Treasury on June 30.
Diversity-Equity-Inclusion-Respect (DEIR) Work Underway
Housing Finance Unit
The Housing Finance Unit is preparing to facilitate equity conversations with
stakeholders and the public capital funders to explore ways to evaluate and
improve our practices for addressing racial equity.
Housing Assistance Unit
The Housing Assistance Unit (HAU) is working hard to center racial equity and
social justice:
• The HAU Racial Equity Committee provides recommendations and
training opportunities to the unit.
• HAU is engaging people with lived experience into our decision-making
processes:
o The Office of Homeless Youth is currently working with several
groups of youth and young adults with lived experience of
homelessness, including BIPOC, to inform program design and
program guidelines.
o The HAU Performance Team recently launched an Equity
Collaborative designed to provide recommendations for
improving equity and closing service gaps in the homeless crisis
response system.
• HAU committed to equitable service delivery across all populations in
Washington:
April 22, 2021 15o Ensuring prioritization policies are equitable.
o Adding several scoring criteria to measure applicant
commitment to equity in funding applications and federal award
rankings.
Executive Mr. Walker stated he wanted to highlight some bright spots in the Executive
Director’s Report
Director’s Report that was included the Commissioners board meeting packets
this month.
Homeownership:
• In partnership with NAMMBA (National Association of Minority
Mortgage Bankers), the Commission along with Washington Mortgage
Bankers hosted a virtual event on April 8th to gauge interest in forming a
Washington chapter.
• In partnership with NAREB (National Association of Real Estate
Brokers), we participated in Realtist Week where Dietrich Schmitz spoke
virtually about our programs on April 15th to discuss downpayment
assistance.
• In March, we had $271 million in new reservations assisting 794
families. These numbers are on par with our overall number of families
assisted and dollar volume from 2019 which represents more of a typical
year.
Multifamily & Community Facilities:
• Exciting news: Both the House and Senate introduced the current version
of the Affordable Housing Credit Improvement Act (AHCIA) both bills
are being sponsored by our state delegation! Rep Susan DelBene on the
House side and Senator Maria Cantwell on the Senate side. In addition to
the many existing provisions that have been in the bill, we worked hard
and were successful in adding the provisions of lowering the 50% test to
25%, which will basically double our bond cap allocation.
16 April 22, 2021• In addition, NCSHA and Novogradac released an updated report
analyzing the impacts of lowering the 50% test citing WA data that our
staff provided. Kudos to both Dan’s on our team, Dan Schilling, and Dan
Rothman and Sojung for all their assistance on the data analysis!
Finance:
Fiscal Year 2022
• Budget - Staff have compiled the first iteration of the proposed budget
for fiscal year 2022 which begins July 1. It is under review and staff
expect further updates before the second iteration that we expect to
present to you at next month’s planning session.
• Finance is pleased to announce that Rachel Hamlet has been promoted to
the position of Program-Related Investments & Grants Management
Analyst. Rachel has been with the Commission for over 6 years, starting
as our Finance Administrative Assistant before transitioning to Bond
Analyst. Her knowledge of the Commission’s programs coupled with a
keen eye for data management makes her well suited to take on this new
role. We are reviewing and updating the job description for the position
left vacant and then will begin the recruitment process for it.
• State Audit – Finance staff are in the process of beginning the State
Auditor for the fiscal year ended June 30, 2020. The process will begin
with a risk assessment meeting on Wednesday, April 21.
Asset Management & Compliance:
• The team conducted another online tax credit compliance workshop in
March and again received great feedback from attendees.
• Melissa Donahue testified at a Congressional hearing on the IRS'
proposed rule concerning the new Income Averaging federal election.
• Portfolio Analysts finished closing out all 2019 annual report reviews
and continue to review 2020 annual reports on all projects.
April 22, 2021 17• Staff prepared for the presentation of classes at the state-wide Affordable
Housing Management Association conference in April.
Administrative Division:
• Paul Edwards and Steve Walker meet with our internal Racial Justice
and Equity Team (RJET) to review and discuss their first draft of the
RJET charter statement. Once signed, this will always be considered a
fluid document, finalized the team will begin work on an initial work
plan. They have been working the last several weeks with an outside
consultant.
• US Treasury Department released guidance regarding the Homeowner
Assistance Fund (HAF). In coordination with Commerce, we plan to
apply to claim our state’s allocation under the HAF, which was
established under Section 3206 of the American Rescue Plan Act of
2021.
• As part of our virtual legislative conference activities WSHFC staff
provided housing briefings on our legislative priorities to legislative staff
from six different offices. We also held member meetings with Senator
Cantwell and Representative Strickland and Representative Schrier’s
staff.
Ms. Topper reported that the Audit Committee met this morning. They reviewed
Commissioners’
Reports the committee charter, swap policy, investment policy and the 2022 meeting
schedule.
Consent Agenda The Consent Agenda was approved as mailed.
Public Comment Emily Thompson from GMD Development and David Ratliff from DevCo spoke
on behalf of an affordable stakeholder group representing Inland Group, Vintage
Housing, GMD Development and DevCo.
18 April 22, 2021Mr. Ratliff stated that this group of developers have been working with the
Commission for 20 years, account for about 45% of the tax-exempt bonds
allocated and have produced over 23,000 units in 9 counties statewide.
Ms. Thompson stated, regarding the updated bond/tax credit program changes,
that the group wants to make sure the Commission hears some key messages:
keep an open competitive program by not restricting competition and be mindful
of changes that may make it harder to develop affordable housing in the State.
Adjournment The meeting was adjourned at 2:56 p.m.
Signature
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